South Korean Stocks Tumble as AI Chip Selloff Hits Asian Markets 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
UK House Prices Hold Steady in June as Annual Growth Misses Forecasts 
Gold Price Surges Above $4,120 as Weak US Jobs Data Lowers Fed Rate Hike Expectations 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
Meta Stock Jumps as AI Cloud Expansion Challenges AWS, Microsoft, and Google 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
Sodexo Raises 2026 Revenue Outlook After Strong Q3 Sales Beat 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
New Zealand Consumer Confidence Rises in June as Inflation Expectations Ease 
Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Hyundai Motor Group will be reshuffling its executives before the year ends and will appoint new design and R&D chiefs. The company will make the appointment this week and mentioned Friday as the latest day.
Hyundai Motor is assigning new chiefs as it is looking to take another step forward in the fast-changing mobility market. It was mentioned that the automaker is mulling on replacing its executives who are based abroad such as the R&D and design heads. Sources said that the plan was shared during its annual personnel reshuffle of executives.
As per The Korea Times, Hyundai Motor will be replacing its president and chief of design management, Peter Schreyer. The company will also appoint someone to take over the role as Hyundai-Kia’s research and development division president and head from Albert Biermann.
This is the second time that Hyundai Motor is reshuffling its personnel under the leadership of chairman Chung Euisun who took office in October of last year. The first reshuffle was held in December 2020 and he appointed several executives that he trusted such as Hyundai Motor’s chief executive officer, Chang Jae Hoon.
The Korea Economic Daily reported that the South Korean automaker’s plans for a major overhaul of its design and R&D units is a strategy for future mobility. Initially, the company intended to announce the changes in its executive lineup on Dec. 10 but it was postponed to expand the management reshuffle.
“Apparently Hyundai Motor Group deemed that its originally planned management change was not extensive enough to allow it to take the lead in the global auto market,” KED Global quoted an insider as saying. “The delay means the group needs time to increase the extent of the reshuffle.”
The carmaker is planning a nice retirement for both Schreyer and Biermann who the company said have greatly contributed to achieving the global success of Hyundai Motor. The latter was given credits as the key executive who improved the vehicle performance of Hyundai and Kia models. As for Schreyer, since he joined the company in 2006, he has dedicated his time and efforts to establishing the design identity of Hyundai and Kia.
“Biermann and Schreyer are top contributors who escalated Hyundai and Kia to global brands,” the source stated. “But the group has decided to replace them with new people to dominate the future mobility markets.”
